BrandNewsDay reports that Citigroup Inc. has entered a partnership with Lagos-based social enterprise Babban Gona to increase lending to local smallholder farmers in a bid to boost agricultural output in Africa’s most populous country.
Babban Gona will administer a $10 million Citigroup Inc. financing to about 41,000 small farmers in the West African nation, it says in an emailed statement. Even though agriculture contributes a third of Nigeria’s economic output, it attracts less than 5% of bank loans.
The facility will enable farmers to improve income by 350% per hectare, Babban Gona said. The organization has extended nearly $200 million in loans to over 280,000 smallholder farmers, since its establishment in 2012.
The funding forms part of Citigroup’s $1 trillion global commitment to sustainable financing by 2030. The bank will do more and partner with more organizations once projects like that of Babban Gona are successful, Ireti Ogbu, chief executive officer of Citigroup Inc.’s Nigerian unit said.
“There is a pipeline of projects under consideration,” she said.
Citigroup plans to use its worldwide network to help fintech tap into the global financial market over the next few years.
JAMB has banned UTME Registration Centres from nocturnal practices. BrandNewsDay Nigeria reports that the Joint…
SERAP has sued President Tinubu over an alleged N167bn project fraud. BrandNewsDay Nigeria reports that…
Governor Sanwo-Olu is reportedly relieved as President Tinubu has decided to step back from the…
Primate Ayodele has unveiled the candidate that will defeat President Tinubu in the 2027 general…
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced the opening of…
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance…
This website uses cookies.